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Operational Update On COVID-19 Impact And Withdrawal Of Dividend Guidance
FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/005011/06)
Share code: FVT
ISIN: ZAE000203808
(Approved as a REIT by the JSE)
(“Fairvest” or “the Company”)
OPERATIONAL UPDATE ON COVID-19 IMPACT AND WITHDRAWAL OF DIVIDEND GUIDANCE
This announcement intends to provide information to all stakeholders on the impact of the
COVID-19 pandemic on various aspects of Fairvest’s business and operations.
As a business and landlord we are working hard to maintain and secure the continued
sustainability of the business, while simultaneously focusing on the interests of our
stakeholders.
In anticipation of the nationwide lockdown, all Fairvest’s head office employees have been
able to work remotely since 18 March 2020 without any major disruption. The board wishes to
express its appreciation to our staff, our property managers, and suppliers who are supporting
providers of essential goods and service during this period.
Balance sheet management
These uncertain times require prudent balance sheet management and a focus on careful
liquidity planning. Fairvest’s funding profile is well diversified over five South-African
commercial banks and has no exposure to the bond market. As at 31 March 2020, the loan to
value percentage of Fairvest was at 34.1%.
Fairvest has no debt facilities maturing for the remainder of the 2020 financial year. As at 5
May 2020, Fairvest has approximately R105 million of undrawn debt facilities available and
has R234 million of unencumbered investment property.
Fairvest remains well within all its debt covenants.
Operational update
Fairvest continues to actively engage with all our tenants on the impact of COVID-19 on their
businesses, to find sustainable solutions for these unprecedented times, taking into
consideration guidelines and recommendations provided by The Property Industry Group for
retail tenants.
Rentals are invoiced monthly in advance and are due on the first day of the month. Collections
of total rental, rates and taxes, operating costs and utilities invoiced for April 2020 are in excess
of 60% to date.
The portfolio’s lease expiry profile and vacancies are continuously monitored and actively
managed in order to limit the risks of increased vacancies and arrears in the period as a result
of trading restrictions. Vacancies currently amount to 2.9% of the portfolio’s gross lettable
area.
Fairvest’s exposure to Edcon remains low, with exposure to only four Jet Stores, comprising
0.8% of gross income.
Withdrawal of distribution guidance
Given the current uncertainty in estimating the impact that COVID-19 will have on Fairvest’s
distributable income, Fairvest withdraws its growth in distribution guidance for the 30 June
2020 financial year.
The financial information contained in this announcement has not been reviewed or reported
on by Fairvest’s external auditors.
We will continue to update stakeholders on the anticipated impact on our business as
circumstances change.
6 May 2020
Cape Town
Sponsor
PSG Capital
Date: 06-05-2020 01:45:00
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